# Table 2: CCA Jackknife — Drop Each Country One at a Time

| Dropped | Type | N_c | Z₁ | SE | p-val | Z₂ | p-val | R² |
|---|---|---|---|---|---|---|---|---|
| *Full sample* | — | 138 | 50.28*** | 14.47 | 0.0005 | -8.103*** | 0.0002 | 0.2712 |
| ARM | non_commodity | 137 | 50.48*** | 14.50 | 0.0005 | -8.133*** | 0.0002 | 0.2722 |
| AZE | commodity | 137 | 52.65*** | 14.28 | 0.0002 | -8.433*** | 0.0001 | 0.2748 |
| BLR | non_commodity | 137 | 50.35*** | 14.52 | 0.0005 | -8.111*** | 0.0002 | 0.2719 |
| GEO | non_commodity | 137 | 50.92*** | 14.46 | 0.0004 | -8.198*** | 0.0001 | 0.2738 |
| KAZ | commodity | 137 | 49.95*** | 14.58 | 0.0006 | -8.054*** | 0.0002 | 0.2711 |
| KGZ | non_commodity | 137 | 47.90*** | 14.55 | 0.0010 | -7.767*** | 0.0003 | 0.2730 |
| MDA | non_commodity | 137 | 49.85*** | 14.56 | 0.0006 | -8.037*** | 0.0002 | 0.2708 |
| MNG | non_commodity | 137 | 20.58 | 15.69 | 0.1897 | -3.100 | 0.1828 | 0.3029 |
| RUS | commodity | 137 | 50.89*** | 14.54 | 0.0005 | -8.237*** | 0.0001 | 0.2703 |
| TJK | non_commodity | 137 | 51.81*** | 14.49 | 0.0004 | -8.320*** | 0.0001 | 0.2727 |
| TKM | commodity | 137 | 50.18*** | 14.53 | 0.0006 | -8.105*** | 0.0002 | 0.2725 |
| UKR | non_commodity | 137 | 49.84*** | 14.50 | 0.0006 | -8.066*** | 0.0002 | 0.2735 |
| UZB | commodity | 137 | 48.76*** | 14.54 | 0.0008 | -7.879*** | 0.0003 | 0.2715 |